The Pension Fund Regulatory and Development Authority (PFRDA) on February 09, 2024, issued the Pension Fund Regulatory and Development Authority (Trustee Bank) (Amendment) Regulations, 2023 to amend further the Pension Fund Regulatory and Development Authority (Trustee Bank) Regulations, 2015.
The following amendments have been stated:
• Regulation 5 has been substituted as follows:
“5. Disclosure of information. – The applicant shall submit to the Authority any material changes in the information furnished during pendency of the application, within seven days of occurrence of such changes.”
• Sub-regulation (1) of regulation 6 has been substituted as follows:
“6. Furnishing of information and clarification. – (1) The Authority may require the applicant to furnish further information or clarification, for consideration of its application.”
• Sub-regulation (1) of regulation 7 has been substituted as follows:
“7. Verification of information. – (1) While processing the application, the Authority may, –
(a) verify the documents, inspect the infrastructure, and resources including technological capabilities which the applicant is required to fulfil; and
(b) seek a report from any agency which may have a bearing on the application.”
• Regulation 11 has been substituted as follows:
“11. Registration fee. – An applicant shall pay a non-refundable registration fee of rupees twenty-five lakh plus applicable taxes and levies thereon, to the Authority.”
• Regulation 12 has been substituted as follows:
“12. Annual fee. – The trustee bank shall pay an annual fee plus applicable taxes and levies thereon, on a quarterly basis before the due date, which shall be determined through a bidding process or in such other manner as may be determined by the Authority, at the time of selection process.”
These shall come into force on February 09, 2024.
[Notification No. PFRDA/16/04/06/0016/2017-REG-TB]
